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The United Arab Emirates will officially withdraw from OPEC and OPEC+ on May 1.
CryptoWorld News reports that the United Arab Emirates will officially withdraw from OPEC and OPEC+ on May 1st, possibly as a protest against the Iran war.
Affected by the news, oil prices dropped in response to algorithmic trading but then quickly rebounded.
The UAE Energy Minister stated that this decision was made after careful review of the country’s strategies in the energy sector, oil industry, and other areas.
They also said that this decision has been in the works for some time, and considering the current state of the global oil market, now is the right time to make it.
Analyst Adam Button said that given the market will be in a supply deficit for a period, this makes sense.
Some even doubt whether OPEC will completely disintegrate because of this.
While this has long been the goal of the United States, caution is advised: oil prices could become more volatile—higher highs and higher lows.
For now, this has little impact on oil prices because, post-war, OPEC will operate at full capacity for an extended period to replenish inventories.
Currently, the UAE produces 3.8 million barrels per day, with plans to increase to 4.1 million barrels, and there are discussions about reaching 5 million barrels.